Supervision

Les pratiques de surveillance en Irlande, au Luxembourg et aux Pays-Bas se sont avérées inadéquates au cours des années où le Brexit a fait fuir les services financiers du Royaume-Uni vers les États membres de l’UE, selon une évaluation par les pairs des régulateurs financiers européens. Le régulateur luxembourgeois n’est pas d’accord avec les conclusions de l’examen.

After completing a similar transition last year for the supervision of investment fund managers, Luxembourg’s financial supervisors, in close cooperation with bank sector representatives, now have adopted a major modernisation of its banking supervision by overhauling what is known as the Long Form Report. Both banks and supervisors see the new approach as a major step forward. 

Supervisory practices in Ireland, Luxembourg and the Netherlands “appeared insufficient” during the years that Brexit pushed financial services away from the United Kingdom to EU member states, a peer review among European financial supervisors has found. Luxembourg’s supervisor disagrees with the review’s conclusions.

Luxembourg’s financial supervisor CSSF on Wednesday said its annual online survey relating to the fight against money laundering and terrorism financing will start on 15 February next year.

The survey aims to collect standardised key information concerning money laundering and terrorism financing - “ML/TF” - risks to which firms under CSSF supervision are exposed and about the implementation of measures to mitigate these risks. 

A new set of rules - part of an update to the EU’s Mifid 2 directive - took effect in Luxembourg on Tuesday that will set out how banks and asset managers are required to handle their investment products in terms of Environmental, Social and Governance.

Après une année 2021 record, 2022 sera nettement plus difficile pour l’industrie des fonds, mais le secteur continue à se développer et il n’y a pas eu de problèmes de liquidités. Et le débat entre gestion active et passive est loin de se limiter à la seule génération d’alpha. 

Luxembourg financial regulator CSSF today announced that it had found “satisfactory” both market participants’ understanding of the risks of AML/CFT activities and the related mitigation measures that they had put into place, in a recent thematic review of money-laundering or terrorism financing checks by its on-site inspection unit.

The exact arrival dates of the Financial Action Task Force on-site assessors in Luxembourg remain a secret, so expect them to arrive anytime soon. The two weeks these unnamed individuals will spend this month in Luxembourg are just a fraction of the 18-month audit to which Luxembourg’s anti-money laundering rules and practices are currently undergoing. 

Luxembourg‘s financial supervisor on Monday said it has slapped a fine of 10.000 euro on a Luxembourg subsidiary of Russian state-owned gas producer Gazprom because it was late in filing its annual report for last year.

Gaz Capital SA is fully controlled by Gazprom and held more than 13 billion euro in total assets at the end of 2021, trade data from Luxembourg shows. The firm posted its annual accounts to Luxembourg’s business register on 27 July, well beyond the deadline of three months within the close of the year.

Un test crucial attend la place financière du Luxembourg dans quelques mois. Le Groupe d’action financière (FATF) - l’organisme mondial de surveillance de la lutte contre le blanchiment de capitaux et le financement du terrorisme (AML/CFT) - prévoit de s’y rendre en novembre pour un audit approfondi. Comment se situe le Grand-Duché ?